Punjab announces tax payment relaxation to property, motor vehicle

Jun 16

Budget 2020-2021

Punjab announces tax payment relaxation to property, motor vehicle

LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021. According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles: Special relaxations for financial year 2020-21. (1) Notwithstanding anything contained in sections […]

by Mrs. Anjum Shahnawaz

Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment

Jun 15

Budget 2020-2021

Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment

LAHORE: The Punjab government has announced a tax relief package amounting over Rs56 billion in the budget 2020/2021. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the highlights of the relief package to be provided during next fiscal year. The highlights of the tax relief package are: 01. rate of sales tax on […]

by Mrs. Anjum Shahnawaz

Punjab allocates Rs337 billion for development programs

Jun 15

Budget 2020-2021

Punjab allocates Rs337 billion for development programs

LAHORE: The Punjab government has allocated Rs337 billion as Annual Development Plan (ADP) for next fiscal year. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the budget 2020/2021 and said that the provincial government had decided not to compromise on ongoing development projects. Giving breakup of ADP allocation, the minister said that an […]

by Mrs. Anjum Shahnawaz

Jun 15

Budget 2020-2021

Punjab presents Rs2,240 billion budget 2020/2021; Rs56.5 billion for tax relief package

LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented provincial budget for fiscal year 2020/2021. The total outlay of the budget is Rs2,240.7 billion. The provincial government allocated Rs337 billion for development program during next fiscal year. The allocation is 32 percent is higher than the annual development plan of the outgoing fiscal […]

by Mrs. Anjum Shahnawaz

Budget fails to address industry issues amid COVID crisis: APTMA

Jun 15

Budget 2020-2021, Trade & Industry

Budget fails to address industry issues amid COVID crisis: APTMA

KARACHI: All Pakistan Textile Mills Association (APTMA) has rejected the federal budget 2020/2021 saying that the budget has failed to address serious industry issues in the light of the worldwide Covid-19 created crisis. This is likely to lead to large scale unemployment and closures and as the market dynamics have changed Post Covid, it said […]

by Mrs. Anjum Shahnawaz

Details of transactions exempted from withholding tax

Jun 15

Budget 2020-2021, Taxation

Details of transactions exempted from withholding tax

ISLAMABAD: The Finance Bill, 2020 has proposed to withdraw withholding tax collection on nine different types of transactions under Income Tax Ordinance, 2001. According to budget commentary issued by PwC A F Ferguson, as part of reforms for ease of doing business, the government has proposed to withdraw following withholding tax provisions, which in government’s […]

by Mrs. Anjum Shahnawaz

Withholding statements to be filed on quarterly basis

Jun 15

Budget 2020-2021, Taxation

Withholding statements to be filed on quarterly basis

ISLAMABAD: Withholding agents shall require to file statement on quarterly basis from fiscal year starting July 01, 2020. The Finance Bill, 2020 proposed amendments to Section 165 of Income Tax Ordinance, 2001, under which the filing of withholding statement will be on quarterly basis against existing biannual basis. The requirement of filing withholding statement on […]

by Mrs. Anjum Shahnawaz

Jun 14

Budget 2020-2021, Taxation

Bank account details made mandatory for registered taxpayers

ISLAMABAD: All registered taxpayers are required to update their profile by providing details of bank accounts otherwise they will be excluded from Active Taxpayers List (ATL). The Finance Bill, 2020 has proposed amendment to insert Section 114A to the Income Tax Ordinance, 2001 to make the mandatory for all taxpayers to update their profile. According […]

by Mrs. Anjum Shahnawaz

Filing annual tax return made mandatory for FTR taxpayers

Jun 14

Budget 2020-2021, Taxation

Filing annual tax return made mandatory for FTR taxpayers

ISLAMABAD: The filing of annual income tax return has been made mandatory for taxpayers falling under Final Tax Regime (FTR). The Finance Bill, 2020 has proposed amendment to Section 114 of Income Tax Ordinance, 2001. A new clause (ae) has been inserted to Section 114 to make it mandatory for persons falling under FTR to […]

by Mrs. Anjum Shahnawaz

Tax amendments to property income introduced

Jun 14

Budget 2020-2021, Taxation

Tax amendments to property income introduced

ISLAMABAD: Finance Bill, 2020 has proposed many changes to taxation of property income for tax year 2021. According to commentary of PWC A. F. Ferguson Chartered Accountants, prior to amendments made through Finance Act, 2019, rental income of non-corporate persons was taxed on a presumptive basis not allowing any deductions and allowances. The Finance Act, […]

by Mrs. Anjum Shahnawaz